The global refrigerant compressors market size is expected to grow by USD 4.13 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 5%. Request Free Sample Report on COVID-19 Impacts
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Technavio has announced its latest market research report titled Global Refrigerant Compressors Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on "Refrigerant Compressors Market Analysis Report by Product (Hermetic compressors, Semi-hermetic reciprocating compressors, Domestic compressors, Semi-hermetic screw compressors, and Others) and Geography (APAC, North America, Europe, MEA, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the growth of commercial refrigeration market. In addition, the increasing demand for air conditioning in emerging economies is anticipated to boost the growth of the Refrigerant Compressors Market.
The commercial refrigeration market is one of the major demand-generating segments for compressors. Hermetic compressors and semi-hermetic reciprocating compressors are extensively used in the commercial refrigeration market; hence, the growth of the commercial refrigeration market provides a rationale for the demand for compressors. New variants of commercial refrigeration equipment are getting launched in the market. For instance, in October 2019, Hoshizaki launched its new commercial refrigeration equipment in India under its brand Western Refrigeration Pvt. Ltd. (Western Refrigeration). The new models include HRSW-76 and HRSW-126. The growth in the market is due to the changing lifestyles of the people in developing countries and the replacement demand from developed regions such as North America. The emergence and acceptance of e-commerce in countries like China and Australia also impact the market for commercial refrigeration equipment.
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Major Five Refrigerant Compressors Companies:
Daikin Industries Ltd.
Daikin Industries Ltd. has business operations under various segments such as air conditioning, chemicals, oil hydraulics, and defense. The company offers scroll compressor, screw compressor, reciprocating compressor, and swing compressor.
Danfoss AS operates its business through various segments such as Danfoss Power Solutions, Danfoss Cooling, Danfoss Drives, and Danfoss Heating. The company offers light commercial reciprocating refrigeration compressors are characterized by low energy consumption, a compact design, and quiet operation.
Emerson Electric Co.
Emerson Electric Co. has its business operations under two segments: automation solutions, and commercial and residential solutions. The company offers Copeland scroll compressors, Copeland reciprocating compressors, and Copeland Discus hermetic compressors.
GEA Group Aktiengesellschaft
GEA Group Aktiengesellschaft operates its business through two segments: BA Equipment and BA Solutions. The company offers gas compressor, jet compressor, screw compressor, and reciprocating compressor.
Johnson Controls International Plc
Johnson Controls International Plc has business operations under various segments such as Building Solutions North America, Building Solutions EMEA and LA, Building Solutions Asia Pacific, and Global Products. The company offers YORK multistage centrifugal compressor and FRICK high pressure rotary screw compressor.
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Refrigerant Compressors Market Product Outlook (Revenue, USD bn, 2020-2024)
- Hermetic compressors size and forecast 2019-2024
- Semi-hermetic reciprocating compressors size and forecast 2019-2024
- Domestic compressors size and forecast 2019-2024
- Semi-hermetic screw compressors size and forecast 2019-2024
- Others size and forecast 2019-2024
Refrigerant Compressors Market Regional Outlook (Revenue, USD bn, 2020-2024)
- APAC size and forecast 2019-2024
- North America size and forecast 2019-2024
- Europe size and forecast 2019-2024
- MEA size and forecast 2019-2024
- South America size and forecast 2019-2024
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